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The AML/CFT Handbook for Regulated Financial Services Business

February 2010 - Finance. Legal Developments by Ogier .

On 23 December 2009 the Jersey Financial Services Commission (“JFSC”) published an additional trust company business section (the “Section”) to its Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism (the “Handbook”).

The reason for this was that although the Handbook includes provisions that are applicable where a trustee of an express trust, or a legal body (including a foundation), is the applicant for business or customer of a person subject to Money Laundering (Jersey) Order 2008 (the “Money Laundering Order”) (a “Relevant Person”), there were no specific provisions in the Handbook to assist with the interpretation and application of customer identification measures under the Money Laundering Order where a business relationship is established or a one-off transaction is carried out by a Relevant Person in the course of “trust company business”.

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The AML/CFT Handbook for Regulated Financial Services Business